Republicans argue Biden's stimulus plan will fuel runaway inflation. Wall Street isn't so concerned. Economists at major banks see new aid only modestly lifting inflation while aiding the US recovery. Here's how UBS, BofA, Goldman Sachs, and Deutsche Bank see stimulus affecting inflation in 2021 and beyond. The debate around passing President Joe Biden's $1.9 trillion aid proposal is a simple one. Democrats argue the hole in the economy is so big that it warrants spending nearly $2 trillion, on top of the $3 trillion spent last March and the $900 billion spent late in Trump's term. Republicans point to all the relief the government has already provided, and say the economy can recover with a much smaller boost. If you overdo it, they say, spending so much could take inflation to worrisome levels.